Oil prices finished higher for a third straight session on Friday to score a weekly gain, as investors weighed OPEC's ongoing efforts to rid the market of excess supplies against indications of rising U.S. production.
Strength in global stocks, which enjoyed their biggest weekly gain in six years, as well as weakness in the dollar also contributed to oil's strong performance.
Sentiment was boosted after United Arab Emirates energy minister Suhail al-Mazroui said that major oil producers, led by Saudi Arabia and Russia, aim to draft an agreement on a long-term alliance to cut output by the end of this year.
However, fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies prevented prices from rising much farther.
In this week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.
Strength in global stocks, which enjoyed their biggest weekly gain in six years, as well as weakness in the dollar also contributed to oil's strong performance.
Sentiment was boosted after United Arab Emirates energy minister Suhail al-Mazroui said that major oil producers, led by Saudi Arabia and Russia, aim to draft an agreement on a long-term alliance to cut output by the end of this year.
However, fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies prevented prices from rising much farther.
In this week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.
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